European stock markets traded higher on Tuesday, continuing a positive start to the year with strong German retail sales, fueling hopes of a steady economic recovery despite a rise in markets. case of Covid-19.
At 3:45 a.m. ET (0845 GMT), the DAX in Germany traded 0.2% higher, the CAC 40 in France rose 0.7% to an all-time high, while in the UK the FTSE 100's rose. 1.3%. The pan-European STOXX 600 also rose to a record, up 0.9%.
German retail sales unexpectedly rose in November, up 0.6 percent on the month, lifting annual retail sales to record highs despite extended Covid-19 restrictions, which have held back consumer-led recovery in Europe's largest economy.
French inflation also stabilized in December, with a year-on-year increase of 3.4% in the eurozone's second-largest economy, slightly below 3.5 % expected. The European Central Bank has argued that price pressures could be close to peaking in the Eurozone, and French figures support that view.
French Finance Minister Bruno Le Maire on Tuesday said the country's growth will be significantly higher this year than the government's current forecast of 6.25%.
This optimism, added to previous data showing an improvement in Chinese factory activity in December, persists despite continued uncertainty surrounding the Covid-19 pandemic, with many European countries, as well as the United States, report a record number of daily cases, prompting the re-imposition of restrictions to prevent the spread of the Omicron variant.
European indexes rallied on Monday, the first trading day of the new year, with the STOXX 600 index ending at a record close. Wall Street followed suit, with the S&P 500 and Dow Jones Industrial Average also closing at record levels, while Asia was largely ahead on Tuesday.
Shares of Novartis (SIX:NOVN) rose 0.4% after a U.S. appeals court upheld the validity of a patent for the maker's Gilenya multiple sclerosis treatment, according to company news. Swiss drug manufacturers.
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